Dante invests $3,500 and learns 2% in simple interest each year assuming he makes no additional deposits or withdrawals how much
1 answer:
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Answer:
The degrees of freedom are given by:
And the p value would be:
Since the p value is lower than the significance level we have enough evidence to conclude that the true mean for this case for the growth rate is less than 2cm per week
Step-by-step explanation:
Information given
represent the sample mean for the growth
represent the sample standard deviation
sample size
represent the value that we want to compare
represent the significance level
t would represent the statistic
represent the p value
System of hypothesis
We need to conduct a hypothesis in order to check if the true mean is less than 2cm per week, the system of hypothesis are :
Null hypothesis:
Alternative hypothesis:
Since we don't know the population deviation the statistic is given by:
(1)
Replacing the info given we got:
The degrees of freedom are given by:
And the p value would be:
Since the p value is lower than the significance level we have enough evidence to conclude that the true mean for this case for the growth rate is less than 2cm per week